A $2 million loan fund could soon become available to the Waikato community administered by the WEL Energy Trust.

Trust chairman Mark Ingle said due diligence was being done on the establishment of the fund with trustees hoping to make a decision on it before the end of the year.

The loans would likely be taken from the 4.6 per cent interest the trust can make on the fund so it would not touch the capital.

Organisations receiving a loan would be expected to show they were capable of paying it back over time and could receive zero interest rates.

Organisations, such as Hospice Waikato, could apply for a loan for a specific project before it had done much other fundraising, Mr Ingle said.

New Hospice Waikato chief executive Craig Tamblyn said he couldn't comment on the new fund before he had seen details on it.

Applications have just closed for grants from the trust's $2.3 million grant fund, which includes $250,000 for energy efficiency grant.

The trust has had 321 applications for a slice of those finds this year compared to 326 last.

- © Fairfax NZ News

Comments